Unveiling the Latest Ripple vs. SEC Drama
The ongoing Ripple versus Securities and Exchange Commission (SEC) feud is intensifying, with Ripple challenging expert testimonies and expressing concerns about disclosing financial information to the public. A major point of contention is the SEC’s treatment of the “Fox Declaration” as standard evidence, which Ripple insists is expert testimony with far-reaching legal implications.
Ashley Prosper: A Key Player in the Battle
- Ashley Prosper has become a prominent figure in the Ripple Labs versus SEC face-off, sparking lively exchanges with her X updates.
The Standstill Before Judge Torres’ Final Decision
The progress in the Ripple v SEC case, before Judge Torres can issue her ultimate ruling, hinges on Judge Netburn’s forthcoming decision on whether Andrea Fox should be categorized as a summary or an expert witness. This decision alone could bring more twists and turns to the case.
Unraveling the Fox Dilemma
In April, Ripple moved to exclude Fox’s declaration, which the SEC presented to back its remedies requests. Ripple argued that Fox’s declaration positioned her as an expert witness, which should have been disclosed during the discovery phase. As the declaration wasn’t shared during discovery, Ripple sought to have it excluded by the court. The SEC, however, asserted that Fox was a summary witness who merely summarized existing facts to assist the judge in understanding Ripple’s financial records.
- A crucial insight from Prosper is that if Fox is recognized as an expert witness, it might lead to further delays in the case.
- However, Magistrate Netburn typically takes about a month to decide minor motions, so her ruling could come soon.
Outcome or Delay: The Court’s Call
Ashley Prosper is optimistic that the court will disregard Fox’s declaration if she is deemed an expert witness, though this scenario is deemed unlikely. Pro-XRP attorneys Bill Morgan and Jeremy Hogan concur, indicating that even if Fox is considered an expert, her testimony will stand, with Ripple having an opportunity to question her. Fox’s statement carries weight in the ultimate decision and might impact the penalties imposed on Ripple. Hence, Judge Torres is expected to await Magistrate Netburn’s ruling before issuing her final decision.
Endgame Approaching: What Comes Next?
Following Magistrate Netburn’s decision on the Fox declaration, the upcoming submissions are expected to be the final ones. Disregarding Fox’s declaration could potentially limit the SEC’s room for advocating specific penalties.
Starting the Conflict and Prolonging the War
The feud began in late 2020 when the SEC accused Ripple of violating securities laws through its XRP sales. While there was a partial victory in July concerning XRP sales on exchanges, the disagreement over institutional sales persists, prolonging the legal saga.
Hot Take: Ripple vs. SEC – Who Will Prevail?
Rest assured, the Ripple vs. SEC showdown continues to unfold, with both sides digging in their heels. Stay tuned for more updates on this gripping legal battle in the crypto world.
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